Business
Burberry extends commitment to Horseferry House
Derwent London plc has successfully regeared its lease with Burberry at Horseferry House SW1, extending the term to 2043 with two new five-yearly fixed uplifts, increasing the unexpired term to 17.6 years and providing income visibility. This agreement is expected to result in an immediate increase in earnings of approximately £0.9 million per annum, recognised on a straight-line basis under IFRS. This regear activity, along with other completed regears and renewals totalling £19.2 million since the start of the year, averages 5.1% above previous rents, reflecting a strong relationship with a key occupier. Disclaimer*
About this update from Derwent London Plc
[{"type":"text","content":"\n\n \n\n\n\n\nDerwent London plc (\"Derwent London\" / \"the Group\")\nBurberry extends commitment to Horseferry House SW1\n\n\n\n\nDerwent London is pleased to announce that it has regeared its lease with Burberry, the FTSE 100 British luxury brand, at Horseferry House SW1, extending the lease term to 2043 and incorporating two new five-yearly fixed uplifts.\nBurberry's lease has been extended from 2038 to 2043 (without breaks), increasing the unexpired term to an attractive 17.6 years. New fixed uplifts replace the previous 2033 rent review and 2038 expiry, giving the Group visibility on future income. Under IFRS, the fixed uplifts will be recognised on a straight-line basis through the income statement, resulting in an immediate increase in earnings of c.£0.9m pa.\nPaul Williams, Chief Executive of Derwent London, said:\n\"We have a strong, long-standing relationship with Burberry, one of our largest occupiers, who recently completed a comprehensive refit of Horseferry House. I am pleased that we have agreed to extend their lease to 2043, reflecting their long-term commitment to the building which serves as their global HQ. Since the start of the year, we have completed regear and renewal activity totalling £19.2m, averaging 5.1% above the previous rent.\"\n \nFor further information, please contact:\n\n\n\n\nDerwent London\nTel: +44 (0)20 3478 4217 (Robert Duncan)\n\n\nPaul Williams, Chief Executive\nRichard Dean, Director of Investment\nRobert Duncan, Head of Investor Relations\n\n\n\n\nBrunswick Group\nTel: +44 (0)20 7404 5959\n\n\nNina Coad\nPeter Hesse\n\n\n\n\n \n \n \n\n \n \nNotes to editors\n\nDerwent London plc\nDerwent London plc owns a commercial real estate portfolio predominantly in central London valued at £5.2 billion as at 30 June 2025, making it the largest London office-focused real estate investment trust (REIT).\nOur experienced team has a long track record of creating value throughout the property cycle by regenerating our buildings via redevelopment or refurbishment, effective asset management and capital recycling. We typically acquire central London properties off-market with low capital values and modest rents in improving locations, most of which are either in the West End or City Borders. We capitalise on the unique qualities of each of our properties - taking a ...